Saturday, 5 September 2009

Canada recorded a surprise job gain in August, the first in four months, suggesting the country is emerging from its first recession since 1992.

Employment rose by 27,100, Statistics Canada said. The jobless rate increased to 8.7 percent from July’s 8.6 percent, the highest since January 1998, as the labor force grew faster than employment. Economists surveyed by Bloomberg predicted a job loss of 15,000 and unemployment at 8.8 percent...

A separate report today showed business and government spending accelerated in August. The Ivey purchasing managers’ index rose to 55.7 from 51.8 in July. A reading of greater than 50 indicates purchases rose.

A recovery in the US looks more uncertain with the economy still losing jobs in August. Again from Bloomberg:

The pace of U.S. job losses slowed in August while the unemployment rate reached a 26-year high, signaling the recovery from recession will be slow to develop.

Employers cut payrolls by 216,000, fewer than forecast, after a 276,000 drop in July, Labor Department data showed today in Washington. The jobless rate rose to 9.7 percent; the so- called underemployment rate -- which includes part-time workers who’d prefer a full-time position and people who want work but have given up looking -- reached a record 16.8 percent.